Coins,
Currencies,
PO,
Money Order,
Demand Draft,
Cheque,
Debit/Credit Cards,
Internet Banking,
NEFT/RTGS/IMPS,
Mobile Banking,
Wallet Payment,
UPI,
and now CryptoCurrencies
What are Cryptocurrencies?
As the name, these are currencies which are in digital form and use cryptography methods for exchange and securing their transactions.
Coins and Currencies are minted/printed by the designated centers approved by the country's Central bank or Government. Cryptocurrencies are mined.
BitCoin is the first DECENTRALIZED cryptocurrency came into existence in 2009. This was invented by an inventor or group of inventors under the name Satoshi Nakamoto.
In the traditional transactions, we always have three parties involved, the payer, the payee and someone who authenticate the transaction. Say, the fiat currencies are authenticated by the Central Bank, in India currencies are signed by Reserve Bank of India under the sign of Governor.
Cryptocurrencies eliminate this third party involvement, but the transactions are verified by network nodes and kept track in the centralized public ledger called BLOCKCHAIN.
Below graph shows the bitcoin growth over the years
Real time price of Bitcoin
It takes only a very short span of time for someone to replicate the new invention. Currently we have more than 740 in total.
Now me might wonder or have questions on the security of such cryptocurrency.
As mentioned earlier, we have BLOCKCHAINs to take care of the transactions.
So, what is a Blockchain?
Blockchain is nothing but a distributed database used for growing records, which is usually timestamped and have a link to previous blocks.By design, blockchains are inherently resistant to modification of the data. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network.
Now, recently I met few entrepreneurs who does full time/parttime network or MLM-kind of work talking on crypto currencies named "YoCoin" . I was informed they have invested in YoCoin/YoGold and are making invest people around them.
Incase if you want to register and have a look on various options and features available. Please use the below link to register and view
Click Here, its very quick
This is how the Backoffice of YoCoin looks
Click Here, its very quick
This is how the Backoffice of YoCoin looks
